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Sprint Buys Clearwire

Sprint takes full control of Clearwire.

Dec 17 2012, 6:44am CST | by

15 Updates
Sprint Buys Clearwire
 
 

Sprint today announced that it has entered into a definitive agreement to acquire the approximately 50 percent stake in Clearwire (NASDAQ: CLWR) it does not currently own for $2.97 per share,...

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Update: 15

Sprint raises offer for Clearwire stake

Source: The Seattle Times

NEW YORK — Sprint Nextel has increased its bid for full control of its wireless-network partner Clearwire, seeking to persuade shareholders of the Bellevue company to reject a competing proposal from Dish Network. Sprint o ...
Full article at: The Seattle Times  More like this  2 hours ago

Update: 14


Quote:
"It was a game of chicken, and they blinked ... They need to have Clearwire integrated — there’s no way around it."


Source: The Seattle Times

Update: 13

Sprint sweetens offer for remainder of Clearwire

Source: The News & Observer

Sprint Nextel Corp. on Tuesday opened its wallet a bit wider to gain full control of its longtime wireless network partner Clearwire Corp. and the valuable airwaves it owns. The Overland Park, Kan.-based wireless phone company ...
Full article at: The News & Observer  More like this  4 hours ago, 6:51pm CDT

Update: 12

Sprint and SoftBank Face Reality, Up Clearwire Offer

Source: Daily Finance

Sprint Nextel may have realized for a while that it needed to raise its bid for Clearwire if it stood any chance of getting full control of its networking partner. But you'd better believe that without SoftBank's agr ...
Full article at: Daily Finance  More like this  5 hours ago, 5:31pm CDT

Update: 10

Sprint Bid Down to the Clearwire

Source: Wall Street Journal

By Miriam Gottfried Clearwire's tale is shifting from seemingly endless saga to nail-biter.On Tuesday, Sprint Nextel raised its offer for the 49% of the wireless Internet provider it doesn't already own to $ ...
Full article at: Wall Street Journal  More like this  6 hours ago, 4:22pm CDT

Update: 9

Market Wrap: Sprint Ponies Up for Clearwire; Herbalife Engages Auditor; 'One' for Microsoft

Source: Street Insider

Market wrap for May 21st End of the Day: S&P 500 up 2.9 to 1,669.16; Dow Jones up 52.3 to 15,387.58; Nasdaq up 5.7 to 3,502.12 * Sprint (NYSE: S) submitted an increased offer to the Board of Directors of Clearwire (Nasdaq ...
Full article at: Street Insider  More like this  6 hours ago, 4:21pm CDT

Update: 8

Clearwire Delays Sprint Vote and 2 More Heavily Traded Stocks to Follow

Source: Wall Street Cheat Sheet

Only hours after it postponed its vote on Sprint Nextel Corporation’s (NYSE:S) offer because the latter had raised the bid, Clearwire has delayed the meeting by one more day. The meeting has been initially set for today, but bowing to pressure fr ...
Full article at: Wall Street Cheat Sheet  More like this  6 hours ago, 4:19pm CDT

Update: 7

Sprint lifts bid for Clearwire in broadband battle

Source: Bangkok Post

Sprint said Tuesday it was hiking its offer for the remaining shares of broadband service firm Clearwire, in the face of a rival bid from satellite TV group Dish Networks. Sprint said Tuesday it was hiking its offer for the ...
Full article at: Bangkok Post  More like this  7 hours ago, 3:49pm CDT

Update: 6

Sprint's new Clearwire bid could help KC, local wireless official says

Source: Kansas City Business Journal

A digest of important news from sources selected by our local editors. Delivered weekday mornings. Sprint Nextel Corp. raising its bid price for Clearwire Corp. at the last minute on Tuesday bodes well for Kansas City, a former president of the Mokan W ...
Full article at: Kansas City Business Journal  More like this  8 hours ago, 2:50pm CDT

Update: 5

Sprint boosts buyout offer for Clearwire

Source: The Bellingham Herald

OVERLAND PARK, Kan. — Sprint Nextel Corp. is offering 14 percent more than before for the stake in wireless data network operator Clearwire Corp. it does not already own, but a large shareholder said the offer was still inadequa ...
Full article at: The Bellingham Herald  More like this  9 hours ago, 2:01pm CDT

Update: 4

Could Sprint Have Clearwire Takeover in the Bag?

Source: LightReading.com

LAS VEGAS -- CTIA -- Sprint's tri-band LTE device pre-announcements in Las Vegas suggest it is increasingly confident it will soon be running a network over Clearwire Corp.'s 2.5GHz spectrum in the U.S. as it continues its M ...
Full article at: LightReading.com  More like this  9 hours ago, 1:46pm CDT

Update: 3

Sprint boosts buyout offer for Clearwire

Source: San Diego Local News 1

Tea party activists want to show their unhappiness over extra IRS scrutiny with protest rallies. Tea party activists waving flags and signs, singing patriotic songs and chanting anti-IRS slogans protested outside federal buildings across the c ...
Full article at: San Diego Local News 1  More like this  9 hours ago, 1:40pm CDT

Update: 2

Sprint raises offer for Clearwire, but not enough for some

Source: Irish Times

Sprint Nextel has raised its buyout offer for wireless service provider Clearwire to $3.40 a share, but the new bid was not high enough to impress some investors. Clearwire shares almost immediately traded around the new offer price, having consistently ...
Full article at: Irish Times  More like this  9 hours ago, 1:35pm CDT

Update: 1

3 Telecom Stocks Seeing Action: The Verizon Buyout Saga Continues, Sprint Raises Clearwire Bid, and AT&T To Enable FaceTime

Source: Wall Street Cheat Sheet

Verizon Wireless (NYSE:VZ): Vodafone (NASDAQ:VOD) has reveled that it is perfectly comfortable with its Verizon Wireless joint venture, but if a better deal were to surface — one more beneficial than the status quo – it would explore it and take i ...
Full article at: Wall Street Cheat Sheet  More like this  9 hours ago, 1:31pm CDT

Full Story

Sprint Buys Clearwire

Sprint today announced that it has entered into a definitive agreement to acquire the approximately 50 percent stake in Clearwire (NASDAQ: CLWR) it does not currently own for $2.97 per share, equating to a total payment to Clearwire shareholders, other than Sprint, of $2.2 billion. This transaction results in a total Clearwire enterprise value of approximately $10 billion, including net debt and spectrum lease obligations of $5.5 billion.

The transaction consideration represents a 128 percent premium to Clearwire's closing share price the day before the Sprint-SoftBank discussions were first confirmed in the marketplace on October 11, with Clearwire speculated to be a part of that transaction; and, a 40 percent premium to the closing price the day before receipt of Sprint’s initial $2.60 per share non-binding indication of interest on November 21.

Clearwire’s spectrum, when combined with Sprint’s, will provide Sprint with an enhanced spectrum portfolio that will strengthen its position and increase competitiveness in the U.S. wireless industry. Sprint’s Network Vision architecture should allow for better strategic alignment and the full utilization and integration of Clearwire’s complementary 2.5 GHz spectrum assets, while achieving operational efficiencies and improved service for customers as the spectrum and network is migrated to LTE standards.

Sprint CEO Dan Hesse said, “Today’s transaction marks yet another significant step in Sprint’s improved competitive position and ability to offer customers better products, more choices and better services. Sprint is uniquely positioned to maximize the value of Clearwire’s spectrum and efficiently deploy it to increase Sprint’s network capacity. We believe this transaction, particularly when leveraged with our SoftBank relationship, is further validation of our strategy and allows Sprint to control its network destiny.” 

Via Sprint.

 

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr (Google) is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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